Canada's home sales hit record high

Sales of existing homes in Canada rose 1.5 percent in September from August, bringing sales in the third quarter to a record high, the Canadian Real Estate Association (CREA) said on Thursday. The industry group said a total of 42,958 homes changed hands in September on a seasonally adjusted basis, a 15.6 percent increase from a year earlier.
For the July-September period, 127,941 homes were sold, up 12 percent from the previous quarter. CREA said the national average price in September rose 13.6 percent from a year earlier to C$331,602 ($321,944). For the quarter, the average price rose 11 percent to C$327,736 from the same quarter last year. The association said the average price continues to be skewed by sales in pricier markets.